With rising mortgage rates, many homeowners are worried about the sales prices of their homes. However, according to a recent report from Zillow, there are many things you can do to increase buyer appeal and value.
The real estate website compiled data from nearly two million homes listed for sale in 2022, analyzing home prices, along with 271 features and design terms mentioned in the listing descriptions. According to the report, these are the features that corresponded to higher home sale prices. Selling your home soon? Here are the elements you’ll definitely want to highlight.
Culinary Amenities Are Hotter Than Ever
According to Zillow’s research, listings that boost a home’s value also make a chef’s mouth water. Amenities such as steam ovens, pizza ovens, and, professional-grade appliances increased sales prices by as much as 5.3 percent, compared to similar listings that didn’t have these features. These elements can add up to $17,400 to the value of a typical home in the United States.
“Not every buyer will appreciate a chef’s kitchen or a putting green in their backyard, but those who do are willing to pay more for these personalized amenities,” says Amanda Pendleton, Zillow’s home trends expert. “Post-pandemic home buyers who had plenty of time for self-reflection now have a greater sense of what they want and need in a home.”
Other kitchen features that boost value include trendy terrazzo floors and surfaces. Homes with these finishes sold for 2.6 percent more or $8,511 than a comparable listing.
Homes that noted soapstone in the listing sold for 2.5 percent more than similar homes with old standbys marble and granite.
Another notable finding was that 2022 was the second year in a row that quartz was a highly coveted finish. So, if you are renovating your kitchen or bathroom in hopes of selling your home in the upcoming years, it’s definitely worth it to take a look at this durable finish that’s relatively affordable compared to many stone alternatives.
Sheds Help Sell
Sheds sell homes—especially those repurposed as private living spaces, such as offices, relaxation rooms, yoga studios, and more. These ADUs garnered a premium of 2.5 percent. So if you’ve added one in recent years, it was likely worth the investment.
Just keep in mind that homes with these sheds spent an extra two days on the market. Still, this is really no time at all considering the extra cash.
Modern Farmhouse Isn’t Going Anywhere
But these weren’t the only interesting findings of Zillow’s research. The report also stated that modern farmhouses increased in value by 2.4 percent. While many argue they’re tired of the modern farmhouse trend, it’s still a popular choice that buyers are looking for.
Want to Sell Your Home Faster?
The report also shared data on the amenities that helped homes sell more quickly. If you’re looking to get out of your home fast, think about adding easy and relatively affordable upgrades, such as doorbell cameras, heat pumps, and fenced backyards.
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Article Written By: Amanda Lauren; Published in Real Simple Magazine 4/4/23